I suspect Japan, South Korea, the ROC and the Philippines would have at least as much objection to the proposal as we should.
(Of course, if Japan were in the process of remilitarizing on friendly terms with the US, we could, er, ‘agree’ to the proposal. . wink, wink.)
Unlike the Chinese, we have allies in the region. The fact that the Chinese float this one shows that they have no friends in the area.